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Greece To Pass Austerity Plan... With Changes
Spokes, meet stick. According to Reuters, Greece will seek approval from euro zone finance ministers on Sunday to agree to some changes in a mid-term austerity plan that parliament is expected to pass, the country's new finance minister said on Friday. And so the scramble for concessions begins. First Greece will demand a scrapping of all retirement age hike requirements, then public sector cuts, then everything else in the mid-term plan, until the second bailout is effectively without conditions. And now that Merkel has effectively thrown in the towel to her, and the CDU's, political reign by agreeing with the ECB's and France's demands, a move which will be brutalized by Der Spiegel in T minus 5 minutes, the fact that Europe blinked to Greece's bluff, just may mean that every demand out of Greece will be met. Or not. If the Troica tells Greece to go to hell, this could be the end of the bailout package.
More from Reuters:
"The midterm plan is the passport for reliability not only for the fifth tranche but for the problem of the viability of the public debt," Evangelos Venizelos told Mega TV channel after he was appointed in a cabinet reshuffle.
"The mid-term plan will have to be voted with improvements that have already been made in committee. And those that have already passed (in committee) must be agreed officially with our partners."
While we have no idea what will happen now, the 48 hours between Sunday and Tuesday will the most turbulent of 2011, with the EURUSD likely moving by 100 pips (and thus the Dow by 200) with each headline as it hits Bloomberg.
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Shorts-meet longs.
My prediction for today's near end of market close and post market close headlines:
Lmao...........how true
I'm sorry but I feel the urge to scratch my balls. Unh, wait a minute, where are they, they seem to be missing . . . hey has anyone seen my macadamia nuts?
Hey Truth - Probably more likely the initial report will be released on Sunday just to pump the futures, then... rug gets pulled.
No hedge needed on the call though.
Don't forget! Monday is a Double-POMO day. Look for a huge runup.
Take what you want, but leave the Feta Cheese alone or you'll have a fight on your hands.
The Feta is sacred.
Everyone, I'm long Ouzo/short Jägermeister, long Feta/Short Weinerschnitzel.
Wish me luck.
Now THAT is a proper disclosure. :>)
You shouldn't talk about your short weinerschnitzel.
Yeah...that definitely didn't mean how it sounded.
Not that there'd be anything wrong with that!
short/ "weiner-who?"
Fuck the feta... The Greek olives are sacred, CD...
THE OLIVES...
And the Ouzo is sacred, CD.. THE OUZO...
The headline makes this look like a positive when I don't think it really is. The headline says 'Greeks to pass Austerity Plan....' but there is nothing in the article to suggest that the revised proposals will be any more acceptable than the previous ones other than some wishful thinking comments from the new Fall Guy or 'Finance Minister' as he is also known. 'Greek parliament may be asked to vote upon Austerity plan.....' seems to capture the situation more accurately.
What the Greeks are effectively saying is that the existing proposals had no chance of being passed - confirming the suspicions of many. What they are trying to do is persuade the troika to water the demands down a bit so that maybe they can scrape something through. Whether they can do this or not is still debatable even IF the changes are agreed by the troika.
Essentially G-Pap has put yet another obstacle between himself and a successful parliamentary vote on the austerity plans.
Also, nobody is factoring in the reaction of the Greek public. They really do seem to be in fightin' mood these days and they do not seem to be calming down as time goes by.
This whole thing is just another piece of misdirection to keep things from crashing into the ditch while the US markets are still open. Once the weekend starts, I predict the newsflow will become gradually less positive in tone.
What G-Pap has said, that even if he is in government or not, the deal will need to be passed, he has sacrificed himself to a higher cause already, at least he has floated the idea...which, in the world of political spin is equivalent of putting a trampoline on the ground before you suicidally jump out the window. What G-pap has really said, is that he is inconsequential, the debt needs to be paid. And as for the Greek public, you really underestimate the role of the state. When you look around the world at what governments are willing to go through to pass laws and keep people in they're place...trust me, i have lived through decades of pointless of riots, when a government knows there are limited choices, they act accordingly regardless of who is throwing petrol bombs.
You mean like in Egypt? The regime there sure stood up well. Libya maybe? Gadaffi is still there, but you can't really say he's in charge. Crowds in the street throwing petrol bombs can be very persuasive, particularly if (as in Greece's case) sending in the tanks is not an option.
The trick is not to start nutting your citizens. Egypt and Libya fell into the trap of nutting people, always a dead-end.
Brinkmanship bitchez!
C-Pap with gun to own head: "Give me all the money or the Greek gets it in the head."
He's a Turk mole.
He will pull the trigger.
The Pap smear is a British MI-6 bankster operative...
Interesting to note Sarkozy's speech in the last 48 hours proclaiming solidarity with Germany on the Greek bailout.
The last line of Sarkozy's speech ends with,
"..then they (Greece) will be on the road to reform and privatization."
Gee, wonder if that was the game plan all along????
(Guess that mythical "free market" just doesn't work right, as once again the bondholders (primarily banksters) will get away, while the rest of us will pay.)
As a Greek citizen in a street interview said, "This is akin to saying the banks have to be paid while the family starves at the table."
(Paraphrasing mine, as I'm writing from memory.)
Pull a Cleavon Little?
"Hold it men, he's not bluffing".
http://www.youtube.com/watch?v=upvZdVK913I
I used that actual YouTube link 6 months ago on a similar subject and I was roundly denounced as a racist.
My how times have changed here on ZH.
YOUR A RAYCISS
Why did you care then? Why would you care now?
They are using mind control on you.
Hell, look at how dipshit white kids in college support affirmative action against academic merit but say that there shouldn't be any to help balance the diversity of a school basketball team. Totally mindfucked.
If you are white and you give a shit about racism or the label built to control you, then you're a fool. Because NOBODY ELSE DOES.
Didn't say I cared. Was simply making an observation.
At least you spelled "A" correctly.
Merkel singing and playing the role of Lil Von Shtupp......
"I'm tired,
tired of playing the game,
ain't it a crying shame?
I'm so tired,
God dammit I'm tired!"
CD,
Racist? That's sad. Mel Brooks showed people how to laugh and make fun of everything. It was all on the table, sex, race, religion, etc..
Anyone remember his Springtime for Hitler?
People really need to lighten up.
Too many lawyers. Too much special interest money. Too much government affirmative action shit.
Even the French aren't that self-destructive.
Do the greek people have a say in this austerity plan in the democratic land of Greece (aka "shared diminishment of quality of life standards" proposed by your elite overlords, aka enslavement of the peoples of the planet one step at a time)
It's the overlords keeping them in they're standard of life mate, the greeks are well past the sell-by-date. They were in over their heads well before spreads started to blow out - when the tide goes out... Maybe you would want to donate your tax to keep the hordes of public servant pen pushers in jobs? No? Shame really, becuase someone has to pay.
Come on Euro Zone, just cave now. You know you are going to eventually. The Greeks got your number and they are playing you like a fiddle.
Was thinking the same thing. Greece should say, "Ok, here's the deal ECB/IMB/BYOB. It's a trillion Euros at 0% interest with no conditions. Then you can all use us in all Credit Swap transactions for the rest of the Eurozone herpes fest and we'll split the vig."
Greece would be a creditor nation in a year.
"Greeks got your number" ...what, you mean the plebes on the street? you obviously misunderstand the role of the state. It will take a lot more than a few riots by idealist teat-suckers to derail capitalism.
Americans below 55 are probably going to have to work til they are 85.
Cry me a river.
I plan on doing my part for the collective -- formerly known as the USA -- by dying on my 60th bday of an overdose of hookers and blow.
I'm a giver.
how about working until they can't.
The old ways will be making a come back.
We'll have to stop adopting government policies designed to kill the nuclear family...
Or warehouse the old in barracks.
They're called Nursing Homes.
I like the "Charlie Sheen eugenic model"... think I would rather OD on heroin than live in a nursing home!!!!
Indeed, and it won't be by choice, it will be by need. It just is what it is..
Let's start a club. Fuck Kevorkian. I'm adopting a Charlie Sheen eugenic model.
Thanks for the laugh.... ++
i bought a mcdonalds shake for the grandson last week from a woman who had to be in her 80's.
if not that, scoliosis and premature aging are now a job hazard at MickD
I like that plan. Go out with a bang, not a whimper.
This market has gone parabolically retarded
this will go well in ireland and portugal.
Yeah, you think they aren't taking copious notes. Moral hazard is a bitch.
I'll be in Ireland next week. I told my GF that we may witness some riots. Staying away from Dublin.
And don't forget!
06-17 13:48: Finland's PM says worried about Finnish economy
06-17 13:48: Katainen says 'very worried' Finnish borrowing cost to rise
PFIIGS??
IF PIIGS...( could fly)....
DAMN! DO WE NEED TO WAIT ANOTHER 6 MONTHS BEFORE THE WILL NEED THEIR NEXT BO.3?
Yeah, it's looking like the can has been kicked. Don't worry though, plenty more kabuki theater on this side of the Atlantic with regards to the debt ceiling.
The debt ceiling issue will pass with no problem. It's just political posturing and nothing more... If the Greeks get their cash agreement, then stocks will have their summer meltup phenomenon that Leo likes to talk about so much. I would like to see this thing blow wide open just as much as everyone else (that can must be getting pretty dented from all the kicks)
SD My biggest fear about all of this bailout/restructuring/QE call it what you will clusterfuck is this...
As the shadow powers behind the bankster cartel attract new puppets (China, India, other "developing" nations) to thier stage, the game changes, and a dangerous one at that. If the Chinese can be convinced to play ball with the debt purchases, there is no one left to call the others bluff, and cause the entire house of cards to fall.
Like a group of sworn enemies in a dark room armed with pistols and flashlights, everyone is safe so long as no one bumps into another person, and everyone keeps the lights off. The first to turn on the light would kill everyone else as the fray begins. No one talks, no one calls the bluff, the game of printing, debasing, and borrowing continues into infinity... or at least until the MENA finally dries up and the wheels of industry halt for lack of oil.
indeed, this shit can never end well.
Junkies sharing their heroin with each other as long as there still is some. Once there's only 1 fix left and everybody is going cold turkey, I wouldn't want to be in that room.
And nowhere do you see solutions that work being brought up.
Why isn't the new finance minister more bold.
"The changes agreed on in committee state that the IMF and EU funding provided will have an interest rate specified by Greece (which will be that of German Bunds -2%) and the payback period will be 30 years, with adustment to that provided for should Greek GDP not improve. The adjustment will be only upwards, not to exceed 50 years."
On second thought the new Finance minister will be giddy that he has power for his party and will make only meaningless "improvements" and rubber stamp the whole thing -- because absolutely nothing will change without bullets going through skulls.
Way to go Greece! Stick it to 'em.
Enter Robo claiming victory for the PIGMEN in 5...4...3...2...1...
Go on Greece - kick the bastards in their crutches!
Go on Greece - kick the bastards in their crutches!
LOL ZH is advertising Greek tourism top right...WTF? Oh the irony...its actually meta-irony, no its actually meta-pseudo-irony, nooo its actually meta-pseudo-surrealist irony, ok then, its not.
the "genius" of google.
Riot Tourism is gonna be a growth industry. You heard it here first.
I always get these boring Azian porn DVD collections advertisings.
I rather enjoy the Snorg T-Shirt ads I get in my browser.
with so much still unanswered, it's seems impossible to believe that the EUR/USD is up so much today. And for all it's gains, the market is barely holding green.
I'm inclined to believe the EUR/USD will see a pretty significant if not major selloff near the end of the day...I just can't imagine ANYONE going into this weekend long the E/U with so much potentially explosive bullshit lingering in the wind.
I'm short the E/U and I'm staying short over the weekend if it doesn't selloff by the close.
that's my story and I'm sticking to it.
PS: and yeah...I'm short the /ES @1270 and holding that one also over the weekend.
Isn't Monday a double POMO day?
Markets up.
if there is a meltdown in the Greece situation over the weekend, not even a quadruple POMO day will save the market or the E/U.
I know I'm taking a risk...but that's what we do isn't it? I like my odds.
Didn't they just appoint a new finance minister who is basically a slave/former employee of the ECB?
I imagine they had the structure of a plan agreed to when that went down.
Anyway, good luck. I hope the market tanks on Monday as I am net short.
if Goldman recommends to his clients that everything will be fixed than I can see the meltdown happening....you know they have to provide liquidity and take the other side of the trade....so far nothing...
Goldman is the phsyically abusive boyfriend and its clients are the can't help loving & never will leave them types.
Shit just escalates until someone gets seriously injured...
Well, all i can say is don’t believe the hype. How many times has the Euro been close to edge of disaster? HOW MANY TIMES? HOW MANY TIMES? HOW MANY TIMES!!!!? well, this time is different? Really, like we only found out the other day Greece is insolvent? Personally i don’t think that any major longs were put on today, just a lot of position squaring probably. And when you consider that this sell-off started with a rate hike(yip!!) then you really need to ask yourself - did the down leg consist of shorts being put on, or longs taken off?
You seem surprised! That's the scam amigo. It is a game of chicken between Euro disaster and revolutions, haircuts, restructuring, contagion etc.
If the Greek politicians were honest and they are NOT, Greece actually holds the upper hand. Saving Greece is a tiny price to pay for saving the Euro and they will gladly pay it. They just can't let everyone know because then the IMF/ECB crooked guys are screwed.
Remember GPAP on the phone to the prosecutor every three seconds? He was trying to divert attention from the fact that he insisted on IMF involvement/backup and tried to appear like he as on the Greek peoples' side. Now he wins a few concessions and he looks like a great negotiator.
As for the Euro, they have to prop it up and make it seem stable. It is their only bargaining chip. Just a fews days ago Germany said, "Banks solid enough to withstand Greek default" and "Euro stable regardless of Greece." You would think they are firing shots across the bow. They are not. They are running a commercial for the Euro... only way to keep scam going.
This is like a puzzle designed for a six year old. Not that hard to piece together.
They are looking at the other parts of the PIIGS. This part ceases to exist.
They do not have a choice now and this sets the precedent. In the end they are going to resort to printing Euros and handing them to Greece no strings attached just so they can turn around and pay senior debt holders because the IMF is not interested in loaning money without collateral (enslavement of the peasants). And this will continue with Ireland and then Portugal until maybe a few years from now they can get the proper puppets into office and the right measures such as a " EU Civil Unrest Squad" which will be riot mobile riot police that will serve as an Army that oppresses the dissenters.
This is the beginning of gradual global fascism.
Ultimately the banks win. As I predicted, the banks will accept the harshest conditions without starting a revolt. Ok fine. Slowly but surely though, they take over. All they have to do is print money. The Greek people have to pay. It is always easier to print money than to work to pay off a debt.
It will just take them a bit longer. That's all.
And at the end of the day the goals is to temporarily keep those valueless assets on their balance sheets pretending they have value.
Yeah a few " Europe's economy is doing great!" and "America in serious debt reduction discussions to avoid downgrade" headlines and the sheep will buy it hook, line and sinker.
Just ring the bell on this clearly useless session already, both the equity market session and the Euro "news" session. Bring on the cocktail hour, for fucks sake.
Another day of my life wasted here as the Lying Algorithm competes with the Crocodile Algorithm in an utterly useless exercise of trying to portend bullishness for US equities. Ummm....anyone seen Volume? I'm starting to think he has been kidnapped.
Good Grief [and by that I mean who believes anything in this market anymore? and also "Thanks for the Wasteland, Mr. Bernanke."]
May I suggest imbibing in a cold 'Hopium-151,' 'ComexAg' extra dry and on the rocks, or 'QE[?] Twist?'
Extra dry yes, twist no...and also a touch dirty. And by "touch" I mean a touch, bartender. Don't go drowning my martini in it, sir.
Ooops....there he is. Volume just walked in the room...in the form of stock distribution...of course.
Fuck me.
May I suggest a Sheepletini, then?
Only if you top it with pixie wing dust...freshly shaken. It's now officially....martini time! Yeah!
What an assclown session, filled with criminal syndicate Wall Street algos, signifying nothing. There is only alcohol after a meaningless day such as this.
Cheers to that.
I'm going to crack open a Duval Golden Ale or Pilsner Urquell and contemplate the definition of money in about an hour+45.
I'm going to drink the cheapest rot-gut gin I can find, in solidarity with the proles.
My expensive brew is part of my inflation hedge.
I hope I never have to resort to the swillwater, but if so, I will carry on - and a stronger man for it.
Just who the fuck is this "global" dog and pony show supposed to be for, anyway? I mean does Bill "shoulda stayed on leave" Giffith really think that the world is glued to the DOW...and if it finishes up on the week by one point, all is joyful in equity land? Who does that dumbass think is watching his show [aside from mostly no one]?
A couple pennies here on some dumbass call position on NFLX, a couple pennies there and wham...what?...suddenly people think streaming movies deserve an infinite P/E? Who the fuck would buy this, the most played out stock idea ever in the history of markets?
And why the fuck would the BlowHorn hire a 16 year old girl to stand in front of the NASDAQ heat map? Am I supposed to be encouraged by her wisdom and experience? Should I be hanging on her every word? What dumb fuck manager at the station made that call...and why isn't he spending more time with his family by now?
Fuck me and this dipshit Pachinko machine, and all the morons jibber jabbering about this and that technical note as the entirety of the world's financial system melts down again.
Beer isn't really drinking...is it?
I dont know, Ive been trying to figure out who all this elaborate daily puppet show is supposed to be fooling...only thing I can still come up with is its to keep the 401K and pension fund crowd placated until shearing time.
'Spending more quality time with his family'...always cracks me up each and every time some lowlife scumbag has to be sent to home sweet home to spend time with the wife and kids he cant remember the names of. Classic.
Fuck me, Dog. Just bend me over the Greek Ring Fence...and talk dirty to me, too, if this dog and pony show is actually fooling ANYONE ON THE PLANET. If the bathrobe brigade is still in there blowing on their IRA dice, hoping that the 50 day sma for NFLX holds up...then you can also kiss my ass in the country square. Here's a hint dumb fucking zombie bathrobe moron...the current 50 day sma is about two "smoothing mechanism" inflated because of the crocodile fucking algo.
I hope every last dumbass in this country is long ONLY Neflix...and has sworn off all diversification, Jim Cramer notwithstanding.
What a helmet wearing, moron contest...this entire equity market is.
Thank you Ben.
People bought thousands of dollars worth of Iraqi Dinars thinking they will be revalued at $10 per Dinar. What makes you think they won't believe TV shows?
Lulz, beer is a food group, so no, it's not drinking.
Thank God for that...as this session has been such a ridiculous dog and pony show, and lasting at least 36 hours, that I could not wait and started drinking beer. Now, I don't usually drink beer, but I am curiously feeling suddenly nourished.
I should probably always drink beer...if I am going to continue wasting my time waiting for THE DUMBEST TRADER IN THE ROOM TO MAKE ONE MORE PENNY ON SOME DUMB ASS UPSIDE CALL OPTION before truth gets anywhere near equities.
Thank God beer is a food group.
Beer is only a food group when the beer is Guinness.
Dow above 12,000. This is bullish for Susquehanna hat company
And yet, regardless of whatever any ones says or does, the end is known (apologies to those ZH's whose more refined palate i may offend):
It's a loss for both males and females Lizzy. And it's not my palate I'm worried will be offend if I go without. :>)
Oh, are you talking about a Greek default?
Jeez, might as well use motor oil.
This works best for tylers next post :)
I went into a toilet in Holland in a gay bar, there was a tub of KY Jelly on the cistern - i tried to pacify myself "what did you expect, you are in a gay bar?" but then i saw the huge hole in the side wall...TIME TO GTFOH!
Real fear is when you spot the box of surgical gloves, too. Run, don't walk.
men are pigs ;)
Which explains why we are immune to mad cow disease...
The Greeks have taken over Europe! Amazing!
When I own the bank(s) $100,000 and can't pay I have a problem.
When I owe the bank(s) $100,000,000,000 and can't pay the bank(s) have a problem.
If a quite insolvent AIG owes you $14,000,000,000.00, do not fret, however, as long you run with the right crowd.
Sounds more like kicking the can down the road, but the real question is how soon before the game of who hits the exits first will kick into high gear.
The corrupt regime can't seem to have and eat their cake too while the people are tired of being forced into economic concentration camps by the insolvent financial system. It'll be interesting to see who blinks first and starts the run for the exits.
I dont see how this is a such a 'done deal' at all with Greece saying they'll take this bailout, but with none of the cuts or austerity measures demanded.
Yes, agreed, but mostly it helps the algo forget for half of one session about the American austerity just ahead. I think they call it austerity rotation.
Fuck me.
Indeed. Im all outta gas to keep watching this 100% rigged show, like the old time 50's TV shows with the cliff hanger where the hero goes over the cliff in a car 'Stay tuned for next weeks episode!' where its then shown the hero actually ridiculously rolled out of the car at the last second or a previously unseen helicopter had rescued him....and the suspension of disbelief just carries on.
You just described the entire US stock market for the last year and a half. Just like how some helmet wearing, slightly retarded 401k bathrober buys the AH paint tape...you know, after some uber technical violation has occurred...but is erased because Jim Cramer mentions some dumb shit stock on his dumb ass show. The power of dancin' with the stars just does not allow said bathrober to look beyond the last print. And from there, fluoride induced Alzheimer's carries him blinding through another week of prime time bullshit, nonsense, whogivesafuck network programing.
Bring on the zombies, Dog. Release whatever special magic that is that causes the dead to rise...'cause I'd rather live in that world then spending my days trying to figure out if a 1% move in cotton prices will hit earnings by 1 penny this quarter or next...while the whole fucking country is in flames.
Fuck me.
My 'Dow 12000 hat' is my favorite hat of all, but it's getting extremely frayed at the edges.
'Gonna have to order a new one soon.
Well brother Truth, just go ahead and replace it with an "End of the World" hat...because Netflix just broke down...and we all know that it is tits up for dumb ass Americans from here. At least until Jim Cramer says Netflix for the 700th time this calendar year, thusly causing radical tape painting and "renewed investor confidence."
Hoooooooray....andFuck me!
Good grief [and by all of this I mean, I guess I am a "hater"...or so the assclown Cramer would tag me]
Moody's puts Italy on possible downgrade watch - quote
This is all bullish for cans.
I don't understand. My magic 8 ball just keeps repeating "contagion".
Your Magic 8 Ball is a collector's item, and highly valuable.
Bernank's low-inflation monetary policies have forced Hasbro to come out with a Magic 4 Ball replacement. The only answer it ever gives is "WTF, dude. Rome iz on fire, Yo."
LOL. What's next, the TSA comes out with the Magic 2 ball?
WTF are you talking about?
The TSA already has your balls in hand. You just didn't notice because the Fed has its unit up your butt.
Damn, is that what that is? It's even worse since I'm not one of the 45 million on food stamps, so they didn't even buy me dinner first.
Too funny. :>)
Time for the panda sticksave!
Credit Agora's 5 Min forecast for this jewel: Your money market funds have Grecian formulae
"It turns out 44.3% of U.S. money market fund assets are invested in the short-term debt of European banks, according to a report from Fitch.
Yes, money market funds — the place where your money is supposed to be rock-solid safe. Until it’s not.
As happened the week of the Lehman-AIG meltdown in 2008, when the Reserve Primary Fund “broke the buck” and its net asset value fell below the customary $1 per share.
Moody’s, meanwhile, says 55% of these money-market holdings in Europe are in the commercial paper of French banks with massive Greek exposure — Societe Generale, BNP Paribas, Credit Agricole. French banks account for nearly one-third of the outstanding loans European banks have to Greece."
That's great. That is just super. I'm sure Wall Street will soon put out a report that the best response to this ticking time bomb is apathy and increasing positions in Abercrombie and Fitch.
Fucking typical. Thanks for pointing it out because we all know what happens when "no one can see it coming."
"That night ten brave men crawled out of the belly of the horse. They opened the gates of the city allowing the returning Greek soldiers to pour in and defeat the mighty city of Troy....."
As long as the EU is fear a Greek default and Greek polys fear their people, the Greek people are steering this moped. Irish and other PIIGS are watching this and learning, too.
I don't think they will give them the traunch, because if they do say that they won't do anything essentially for the traunch, Those countries will say we will only agree if the US buys our greek bonds.
Greece will not get the money without conditions.
G-pap and PASOK are fucking traitors, they'll ram the mid-term plan through Parliament.
Then he'll call for elections when all hell breaks loose.